Get trading recommendations and read analytics on Hacked.com for only $ 39 a month
The Chinese government severely hit the cryptocurrency markets on Tuesday as several agencies announced that the authorities central bank planned to block residents. to access foreign currency cryptocurrency trading. The news took the wind on the sails of the market, and led by the bitcoin price, each top-cryptocurrency has lost value against the US dollar.
Officials of the People's Bank of China (BPoC) had already banned the exchange of domestic order books, but mainland residents were often still able to access certain foreign markets, as well as "foreigners." to over-the-counter trading platforms. With this move, however, the PBoC is seeking to further isolate 1.4 billion residents of China from the global cryptocurrency ecosystem.
Not surprisingly, the market capitalization of the cryptocurrency has fallen by more than $ 150 billion, although it has since experienced a slight recovery to $ 574 billion, even at this level, however, the market capitalization of cryptocurrency is down 18% for the day.
Bitcoin plunges under the $ 12,000
The price of bitcoin set the tone of the day and it was not pleasant. The largest cryptocurrency declined by more than 14% to settle at $ 11,750 on Bitfinex. Surprisingly, this correction forced the market capitalization of Bitcoin to less than $ 200 billion for the first time in nearly a month, and its outstanding offering is currently valued at $ 199.6 billion.
Although the move is disturbing, it is not the first time that the PBoC has injected turbulence into the markets through hostile regulatory policies In each of the previous cases, the bitcoin price has quickly been consolidated and returned to a strong position, it does not have a negative impact. there is no reason to believe that the markets will not rebound, too.
Ethereum struggles to exceed $ 1,000
No major cryptocurrency escaped the correction, and the Ethereum price was among the hardest hit. The second largest cryptocurrency posted a 22% drop, and the price of Ethereum dropped to $ 966 before rising to $ 1,072. At present, Ethereum has a market capitalization of $ 101.3 billion.
Ripple's 25% Decline Headlines Bloody Altcoin Market
The poor performance of Ethereum was offset by the wider markets of cryptocurrency, and the altcoin market caps declined by $ 102 billion for the day.
<img class="aligncenter size-full wp-image-128696" src="https://businessdigit.com/wp-content/uploads/2018/01/1516110958_454_the-bitcoin-price-plummets-as-chinas-central-bank-tightens-the-crypto-currency-traders.jpg" alt=" bitcoin price "width =" 1052 "height =" 598 "/>
The price of the ripple fell 25% to $ 1.36, reducing its market capitalization to $ 52.1 billion. The bitcoin spot price was down 19%, which dropped below $ 2,000 to $ 1,965.
Cardano, fifth in the standings, lost 22%, and the price of litecoin was able to stay above $ 200 despite a 16% decline. The NEM fell 13%, while the 4% decline in NEO was the best performance among the top 10 cryptocurrencies.
The stellar price fell 23% to $ 0.48, and IOTA's 18% decline dropped its price to $ 2.98 to top the top 10.
Image from Shutterstock to photo
Follow us on Telegram.